Federally-Chartered Supervisory Committee Charter Template for Credit Unions

The Committee shall be responsible for working to assist the Board, the CEO and Senior Management to safeguard the Credit Union’s members’ assets. The Committee’s purpose is to ensure the reliability and the integrity of the Credit Union’s financial and operational information, statements and reporting processes. It also works to maintain the control environment, including internal controls that help to identify and mitigate risk for the Credit Union. The Committee takes the lead role in hiring and working with both internal and external auditors at the Credit Union, ensuring their qualifications and their independence, as well as the soundness of their processes. Finally, the Committee is charged with ensuring the Credit Union’s compliance with all legal and regulatory requirements, as well as the ethical standards adopted by the Credit Union.